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Highlights
- The US SEC has announced that Gary Gensler would step down as the Chair on January 20, 2025
- The resignation will come on the same day that Donald Trump is inaugurated.
- Ripple CLO has said what the team picking the next US SEC Chair should consider.
In a recent development, the US Securities and Exchange Commission (SEC) announced that Gary Gensler will step down from his position next year. This follows calls for Gensler to resign since Donald Trump won the US presidential elections.
Gary Gensler To Step Down As US SEC Chair
The US SEC announced in a press release that Gary Gensler will depart the Agency on January 20, 2025. The US SEC Chair also confirmed this development in an X post.
Interestingly, this comes on the same day that Donald Trump will be inaugurated as the 47th president of the United States. Several individuals, including former SEC official John Reed Stark, have called for the SEC Chair to resign since President-elect Trump promised to fire him on the first day.
Following the announcement, Gensler also used the opportunity to reflect on his time at the Commission. He remarked that it has been an “honor of a lifetime” to serve alongside those at the SEC. He also thanked President Biden for the opportunity to serve in the position. Gensler has been the US SEC Chair since April 2021. During his time, he has spearheaded several litigations against the crypto industry.
This includes the long-running legal battle with Ripple, which Gary Gensler took over from his predecessor Jay Clayton, which bordered on whether XRP was a security. Up till now, the Agency continues to reiterate this ‘digital asset securities’ claim.
Ripple CLO Outlines Things To Consider For Next US SEC Chair
Amid Gary Gensler’s announcement, Ripple Chief Legal Officer (CLO) Stuart Alderoty said he trusts the transition team to make the right call with these six table stakes for crypto in mind. He first mentioned that they should be considering a US SEC Chair that will end all non-fraud litigation on Day 1.
Secondly, he remarked that the team should get commitments from Commissioner Mark Uyeda and Hester Peirce to stay on and work collaboratively with the new Chair.
The Ripple CLO also mentioned that the next US SEC Chair after Gary Gensler should be one that will collaborate with all financial regulators and Congress on clear and simple rules for crypto. Alderoty also said that the Chair should be someone who will renounce the 2018 Hinman speech and the 2019 “Framework for Investment Contract Analysis of Digital Assets.”
Stuart Alderoty added that the new US SEC Chair should be someone who creates transparency around the FOIA process including ensuring that it becomes a real, credible mechanism for publis access to information.
Lastly, the Ripple CLO said the Chair after Gensler should guarantee accountability and restore public trust by addressing past issues within the SEC by emboldening the Office of Inspector General.
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